2019 Standard Mileage Rates Announced - Article Highlights: Standard Mileage Rates for 2019 Business, Charitable, Medical and Moving Rates Important Considerations for 2019 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the stan...

The 1099-MISC Filing Date Is Just Around the Corner - Are You Ready? - Article Highlights: Independent Contractors Non-employee Compensation 1099 Filing Requirement Due Dates  Penalties Form W-9 and 1099 Worksheet If you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid pena...

Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages? - Article Highlights: S Corporation Compensation Reasonable Compensation Factors Determining Reasonableness In the Spotlight Sec. 199A Deduction S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passe...

When To Claim a Disaster Loss - Article Highlights: Disaster Losses Elections Net Operating Loss AGI Limitations Possible Gain Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially declared disaster areas this year. If you were an unlucky victim and suffered a loss as a result of a disaster, you ...

If You Are a Recreational Gambler, Here Are Some Tax Issues You Need to Know - Article Highlights: Winnings W-2G Reporting Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B and D Premiums Online Gambling Accounts Gambling takes many forms: casino games, horse racing, sports book betting, lotto tickets, scratchers, bingo, etc. For virtually everyone, gambling is a recreational activity and, as such, is done for fun. For most gamblers, their losses for the year ...

December 2018 Individual Due Dates - December 3 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2018 should call for a tax planning consultation appointment.December 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during No...

Wonder What a Tax Deduction Is Worth? - Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Business deductions Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are above the line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deducti...

10 Ways to Improve Profits in the Coming Year - In the U.S., the economy is thriving and expected to grow over the next few months. Businesses are expanding. The Federal Reserve has inched up interest rates, creating investment opportunities, and lenders are offering small business loans. All of this points to a promising outlook for the coming months. As a small business owner, this is the time to take a closer look at your profit and loss sheets to determine how you can make the most out ...